Physical capital is the:
A. physical labor of workers.
B. financial resources available for investment.
C. talents, training, and education of workers.
D. factories and machinery used to produce other goods and services.
Answer: D
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The table contains data for a hypothetical single-product economy. Nominal GDP in year 3 is
A. $100. B. $225. C. $450. D. $150.
Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right, but the supply curve shifts more than the demand curve. As a result,
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will decrease; the equilibrium quantity will increase.
Under a system of barter
A) each individual trades output directly with another. B) only agricultural goods may be traded. C) goods may be traded for money, but money may not be traded for goods. D) currency is accepted for purchases, but personal checks are not.
Between 1880 and 1980, which region had the highest per capita income?
a. Pacific. b. Midwest. c. New England. d. South Atlantic.